This makes an excellent garnish on desserts, on ice cream or especially on fancy drinks: coffee or hot cocoa drinks, as well as mulled cider or egg nog. You may want to make a double batch, though, as this caramel is irresistible.
INGREDIENTS

Prepare to make the caramel by first generously spraying a metal spatula and a rimmed baking sheet with the vegetable oil cooking spray; set aside. Get out a pastry brush and let it rest in a cup of cool water.

Combine granulated sugar and 1/4 cup water in a medium-sized, heavy saucepan (like Le Creuset). Cover the saucepan with the lid and bring to a boil. Remove lid from the boiling pan, and continue to cook until the sugar has dissolved. Reduce the heat to medium and continue to cook the sugar syrup mixture, washing down the sides of pan with a wet pastry brush (to prevent crystals from forming). Swirl the mixture in the saucepan occasionally also. Continue in this fashion until the hot sugar mixture registers 300 degreesF on a candy thermometer.

Remove the pan from the stove, and stir in extract (being careful when you do, as it will likely spatter). Pour coffee-sugar mixture onto the oiled baking sheet. Using the oiled spatula, quickly spread the molten mixture into a thin layer. Allow caramel to cool completely, at least 15 min.

Break cooled caramel into pieces. Place chunks in a food processor, if smaller bits are desired, and process until finely chopped. Store candy in an airtight container at room temperature up to 1 week.